FastBeetle Logistics Pvt Ltd, a Jammu and Kashmir-based tech startup focused on last-mile logistics in the Union Territory, raises $3 million valuation in Pre-Series A round led by angel investors in Jaipur KM Cross Group raised an undisclosed amount. Alsisar Impact acted as advisor on the transaction.
Co-founded by childhood friends Sheikh Samiullah and Abid Rashid Lone in 2019 and incubated by Mumbai-based Alsisar Impact, the startup aims to disrupt J&K’s traditional delivery industry and venture into e-commerce.
FastBeetle Logistics, known locally as Beetles, has a strong network of warehouses and distribution centres across J&K’s key regions, including its recent expansion into the Federal Territory of Ladakh.
The fundraising comes when the Indian startup ecosystem has been hit hard by a capital crunch.
The company claims FastBeetle provides business users with a simplified order management platform utilizing proprietary algorithms such as real-time order clubs and dynamic batch processing.
With a strong logistics network, the company provides services covering 19,000 pin codes in India and internationally and handles more than 300,000 monthly shipments.
In January, FastBeetle became the first Kashmiri business to raise funds for Shark Tank India, a SonyLIV commercial reality TV series and a franchise of the famous US show Shark Tank.
The four-year-old J&K logistics and courier company raised Rs 9 crore on the second season of the reality show.
Like other startups in India, FastBeetle started with the help of family and friends. In a short period, it became a fast-growing logistics technology platform for J&K and Ladakh.
According to the founders, the company has raised several funding rounds from angel investors and high-net-worth individuals.
In December 2021, the company became the first startup in Silicon Valley to raise $100,000 in a seed Series A funding round from angel investors.